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Spencer Stuart S&P MidCap 400 Index

November 2022

Spencer Stuart’s 2022 survey of S&P MidCap 400 boards finds a significant focus on appointing independent directors from underrepresented communities, mirroring the trend at large-cap boards. While we see some differences between mid- and large-cap boards, the profiles of directors joining mid- and large-cap boards in 2022 are increasingly similar.

Here are some highlights from the 2022 report:

  • The percentage of new S&P MidCap 400 directors who self-identify in one or more of the following categories ― women, underrepresented racial or ethnic groups or the LGBTQ+ community ― rose to 73% from 67% last year.
  • First-time public company directors make up 48% of the incoming class of directors in 2022. Historically underrepresented groups account for 79% of first-time directors in the class of 2022.
  • Women constitute 30% of all mid-cap directors, up from 28% last year. However, women serving on mid-cap company boards are less likely to serve in board or committee leadership roles than female directors serving on S&P 500 boards.
  • Eighty-three percent of mid-cap companies disclose details about the racial or ethnic composition of their boards, a sizeable increase from 60% in 2021.